Consumer confidence for the September quarter has improved by 9 points, reaching a total of 90.8 points, the Westpac McDermott Miller Consumer Confidence survey has shown.
“While confidence is still low, New Zealanders are starting to feel a bit more optimistic (or at least less pessimistic) about the economic outlook,” Westpac NZ senior economist Satish Ranchhod stated.
The ongoing pressures from the cost of living remain a significant worry, with frequent anxiety regarding rising expenses for utilities, rates, and insurance, among other financial burdens. Despite recent tax cuts offering some relief, many families continue to feel the financial strain.
“While many families have been doing it tough, they’re now starting to feel a bit more optimistic about the outlook for their own finances and the economy more generally over the coming year,” Ranchhod said.
“Some of the headwinds that have been buffeting households over the past few years are now finally easing, with falls in inflation and borrowing costs.”
“And while it will take time for the full impact of those changes to flow through to households’ back pockets, many families are set to see an improvement in their finances over the coming year,” he added.
Various demographic groups have also shown an improvement in confidence. Men experienced a 7.4-point increase, while women saw an even larger rise with a 9.8-point boost.
Confidence was also up in all age groups, with the increase most visible among those aged between 30 and 49. Kiwis in this group are said to have mortgages and are likely feeling a collective sense of relief now that interest rates are starting to decline from their recent highs.
The Westpac McDermott Miller Consumer Confidence, September quarter 2024, was carried out from September 1 to September 11, 2024, with a sample size of 1,555 participants.
